Geithner warns global banks about Iran

Tuesday, November 22, 2011 - 03:38

Nov. 21 - The United States has named Iran a ''primary money laundering concern'' as Treasury Secretary Timothy Geithner warns global banks should beware of doing business with Iran as it might aid its nuclear program. Rough Cut (no reporter narration).

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Since the president came into office this administration has XQ did a very aggressive strategy. To stop Iran's illicit activities. A key part of the strategy has been composed overwhelming financial pressure. On Iran. And because of this strategy. Iran has been subjected to new. And damaging levels of financial and commercial isolation. First we have dramatically reduce Iran's access to the international financial system. Iranian banks are losing the ability to do business around the world. Which in turn has reduced the ability of the government to finance activities. Opposed by the national community. Second Iran's national shipping line. Which is transported material and support Iran's missile program is now shut off from many of the world's major ports. And between routinely finds its ships seized or turn away. And third Iran's primary source of revenue its oil sector. Is in decline because it cannot attract the foreign investment is desperately needs to maintain. Levels of production. Together the intensification of sanctions by this administration. Alongside our partners around the world has inflicted substantial damage to the Green economy. To continue these efforts the Treasury Department today is designating additional amenities. For their support of Iran's nuclear and proliferation related activities. Today we are taking that very significant step. Of acting under section 311 of the Patriot Act. For the first time we are identifying the entire Iranian banking sector including the central bank of Iran. As a threat to governments or financial institutions. That do business with the Iranian banks. If you are a financial institution. Anywhere in the world. And you engage in any transaction. Involving Iran's Central Bank or any other Iranian bank operating inside or outside Iraq. Then you are at risk. -- supporting Iran's illicit activities. Its support its pursuit of nuclear weapons its support for terrorism. And its efforts to deceive responsible financial institutions. And to evade sanctions. Any and every financial transaction with -- Iran poses grave risk of supporting. Those activities. So financial institutions around the world to think hard about the risks of doing business with the wrong. We're taking this action secretary said alongside our partners in the United Kingdom and Canada who announced earlier today. They are implementing similar measures. To insulate their banks Iran. And as a result of this coordinated effort Iran is not cut off. From three of the world's largest financial sectors. We encourage other leaders around the world to take forceful steps like these actions. To prevent Iran from simply shifting financial activity to banks within their nations. As we put these new measures in place and as we continue to work to expand their reach around the world. We will continue to explore other measures. No option is off the table including the possibility of imposing additional sanctions. On the central bank of Iran. The policies Iran is pursuing are unacceptable. And until Iran's leadership agrees to abandon this dangerous course. We will continue to use tough and innovative means to impose severe economic and financial consequences. On Iran's leadership.